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Amazon bets big on cloud
Amazon.com reported a surprise net loss. The online retailer lost USD 7 million, after earning USD 7 million a year earlier. Analysts had expected Amazon to turn a profit. Revenue increased 22 percent to USD 15.7 billion, in line with forecasts.
The online retailer has committed a lot of money to building fulfillment centers, expanding internationally, buying digital media, developing its web services and growing a grocery-delivery business.
It's its second loss in less than a year, and comes on the heels of more than nine straight years of profitable operations. And the company’s famously razor-thin operating margins are narrowing.
The CEO says they are "investing for the large opportunities they have in front of them" and Saxo Bank's Adam Seagrave says analysts beleive it is a stock worth holding.
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Tags: amazon, cloud, digital, earnigns, loss, margins, profit, saxo bank, saxo tv, tradingfloor.com, video